QUOTE(norm @ May 27 2007, 17:12)

Does anybody know what sound card(s) configuration I would require to be able to monitor sound from a wav file, i.e. hear it through my headphones, but at the same time isolate it from all other sounds on the PC (important because line-in will be in use) and send it on the line-out?
I don't understand your problem, especially if you can use separate sound cards.
One can receive audio (from its line-in) and the other one can be used for playback (to headphones and line out). The latter should have separate headphone and line out connectors or you can use a headphone output on your amplifier, mixer etc.
Actually, a single soundcard can handle this if it supports full duplex mode (simultaneous recording and playback) and there is no need to redirect the line-in signal to another output (i.e. you just record it without monitoring).
Perhaps you should rephrase the question and describe exactly what you are after for.